March 4 (Bloomberg) -- Bharti Airtel Ltd., Krung Thai Bank
Pcl and Swire Properties Ltd. are marketing U.S. dollar-denominated bonds, the first offerings in the currency in Asia
this month. Bond risk was little changed.

India’s largest mobile-phone operator Bharti Airtel,
controlled by billionaire Sunil Mittal, is selling 10-year notes
to yield about 5.5 percent, according to a person familiar with
the matter, who asked not to be identified because the terms
aren’t set. Thailand’s second-largest bank by assets is
marketing a 5 1/2-year security to pay about 175 basis points
more than Treasuries and Swire, the owner of Pacific Place
shopping mall in Hong Kong, is selling seven-year debt at a
spread of about 175 basis points, according to other people
familiar with the offerings.

Issuance in Asia, outside of Japan, slumped 82 percent to
$4.25 billion last month as markets closed across the region for
Lunar New Year holidays, amid volatility in Treasury notes and
as companies paused sales to report earnings. Yield premiums on
dollar debt in the region matched a one-month high of 271 basis
points more than Treasuries on March 1, according to JPMorgan
Chase & Co. indexes.

“We are already slowly starting to see an increase in bond
issuance this month,” said Gene Cheon, head of Asia credit
research at Deutsche Bank AG. “This increase in issuance may
however be tempered by some corporates waiting for earnings
season to finish before coming to market.”

Average yields for Asia’s companies fell 141 basis points
in the past 12 months to 3.86 percent last week, compared with
an 82 basis-point decrease to 2.6 percent globally, according to
Bank of America Merrill Lynch indexes.

Bond Risk

The Markit iTraxx Asia index of 40 investment-grade
borrowers outside Japan was little changed at 109 basis points
as of 8:22 a.m. in Hong Kong, Royal Bank of Scotland Group Plc
prices show. The gauge rose 1.1 basis point in the five days to
March 1, its first weekly increase in a month, according to CMA,
which is owned by McGraw-Hill Cos. and compiles prices quoted by
dealers in the privately negotiated market.

The Markit iTraxx Australia index was also little changed
at 115.5 as of 11:24 a.m. in Sydney, according to Westpac
Banking Corp. The index rose 5.8 basis points last week, its
biggest one-week increase since November, according to CMA.

The Markit iTraxx Japan index decreased 2 basis points to
121 basis points as of 9:24 a.m. in Tokyo, Citigroup Inc. prices
show. The index is on track for its lowest close since Feb. 14,
according to data provider CMA.

Credit-default swap indexes are benchmarks for protecting
bonds against default and traders use them to speculate on
credit quality. A drop signals improving perceptions of
creditworthiness, while an increase suggests the opposite.

The swap contracts pay the buyer face value in exchange for
the underlying securities if a borrower fails to meet its debt
agreements. A basis point is 0.01 percentage point.